Society in General has been heavily penalised on this first quarter. Its subsidiary online Boursorama Bank is a lot better.
© Society Of General
With a week ahead of schedule, Société Générale has announced its quarterly results. The crisis in health and economic has largely penalized the French banking group which posted a net loss of 326 million euros over the first three months of the year.
With volatility unprecedented in the financial markets, it is primarily the banking activities of financing and investment (BFI) that have affected the figures. The retail Bank is a lot better thanks to an organisation which has enabled him to ensure continuity in its operations. The group welcomes the ” nearly 85% of agencies, and all of the back office that are still open “, with a few adjustments.
Boursorama is hauling 200,000 customers in Q1
After a year 2019 outstanding, the subsidiary Boursorama Bank is doing quite well on the beginning of the year. It reported a net gain of 200,000 customers between the end of the year 2019 and 31 march 2020, representing a growth of 26% compared to the same quarter of the previous year. With these results, the online bank ” consolidates its position as the leading online bank in France “.
If the online bank is widely adapted to overcome the crisis, the director-general Benoît Grisoni recognized readily that the consumption had been in decline since the beginning of the confinement. Boursorama Bank announced yesterday have put in place a new credit card ” virtual “, which allows new customers to immediately use their card, without being penalized by delays in shipment that are sometimes seriously lengthened.
In its press release, the French bank does advance, however, not on the performance of recruitment since the start of the confinement, merely to raise a ” good business momentum in the quarter, particularly January and February “.
Ensure the safety of all employees
The online bank has managed to organize to ” support its customers while ensuring the safety of its employees “. The ceo of the group explained to us earlier this month that only 10% of the workforce (80 persons) are moved around every day physically in the office – and as long as you do not use the public transport. The rest of the employees of Boursorama Bank was put in teleworking, which will ensure the establishment of online support in the account opening and management of customers daily.
This organization is found in Boursorama Bank is fully in line with the commitment of the group which is structured around 3 goals, the president and CEO Frédéric Oudéa stated in its press release : ” protect the health of our clients and our employees by applying the security measures in place at all our sites and activities, ensuring the continuity of activity as an operator of vital importance, and to accompany all of our stakeholders, customers, employees, suppliers, communities and associations, in this particularly difficult period “.